- We hosted Prudential Plc (SGX:K6S)’s senior management — Mr Mark FitzPatrick, CEO; Mr James Turner, CFO and Ms Lilian Ng, Managing Director, Strategic Business Group of Greater China — for a post-1H22 results investor NDR.
- - Read this at SGinvestors.io -
- On a constant exchange rate basis (CER) in 1H22, Prudential's NBP fell by only 5% y-o-y, better than its regional peers (Manulife Asia: -23%; AIA: 15% y-o-y), with Prudential’s bancassurance NBP up 31% y-o-y.
Bancassurance strategy: Different from other insurers in Asia
- - Read this at SGinvestors.io -
- This is because Prudential’s bancassurance 1H22 health and protection (H&P) NBP mix was 47%, with a high mix of regular premiums. Within China, its 1H22 bancassurance NBP margin was 41%, higher than other China insurers.
- Prudential has the largest bancassurance presence across Asia and the know-how to successfully run bancassurance, in our view. With 22 new bank partnerships signed in 1H22, Prudential’s total new bancassurance partnerships across Asia is >170, with 32 being exclusive.
Possibility of quick ramp-up once Macau license is granted
- Read more at SGinvestors.io.
